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European Bourses Decline After Weaker-Than-Expected German Data, OECD Growth Forecast Cut
By: MT Newswires
European stocks declined after weaker-than-expected German confidence data and a growth forecast cut by the OECD.
German economic confidence climbed to the highest level since October 2009, with the ZEW Indicator of Economic Sentiment rising 1.8 points to 54.6 points. Analysts had expected a reading of 55 points, according to FactSet.
The OECD also cut its 2014 growth forecasts for the U.K. and the euro zone and said that deflation risks for the euro area have risen. In addition, it said that the uncertain future of U.S. fiscal and central bank policies poses a growing risk to a global economic recovery that has already been weakened by a slowdown in growth in many developing economies.
Elsewhere, Norway's Q3 GDP grew more than expected.
In ADR news, AstraZeneca ( AZN ) says the FDA accepted its New Drug Application for naloxegol, a treatment for constipation caused by opioid medicines used to treat pain. The acceptance of the application will trigger a $70 million payment to Nektar Therapeutics ( NKTR ), whose technology was used to develop naloxegol, in line with a license agreement announced in 2009.
The FTSE-100 was last down 0.38% at 6,698.01, the DAX down 0.35% at 9,193.29 and the CAC-40 down 1.12% at 4,272.29.